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Mr. Sameer Aggarwal, CEO & Founder - Revfin Services :
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Mr. Mayank Bindal, Founder & CEO, Snap E Cabs:
“One of the most anticipated schemes to be continued is the FAME II subsidy (Faster Adoption & Manufacturing Electric Vehicles). This subsidy was announced in 2019 having a validity for 3 years. It is expected that the govt will continue this for the next few years in response to decarbonising the environment and achieve the targets of net 0 goals.
Along with this, there is a proposal to reduce the GST on the Li-ion batteries from 18% to 5% overall, reducing the cost of acquiring EV's. Since batteries are a major cost component in EV's, the move to reduce the cost of batteries will make the product more lucrative for buyers.
Over the past 5 years the government has focused a lot on building strong infrastructure. It is expected to continue improving and make efficient investments in energy, especially green energy and sustainable energy. The focus is on transitioning from carbon dependent to energy efficient policies. The new transport policies being adopted by the state govt is a testament to this shift. Many state transport authorities have announced the conversion of Petrol/Diesel cabs be converted into EV's by the end of this decade.
We look forward to EV financing getting priority sector lending status as the government's ambitious target of 30% penetration to be achieved by 2023.”
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Mr.Vaibhav Roongta, Chief Business Officer - Rays Power Infra Pvt. Ltd. says,
"Recognizing the forthcoming interim budget leading up to elections, will be for a short period, the role of strategic budgetary allocations will be crucial in paving the way for future provisions that can accelerate the growth of the renewable energy sector. In line with India's goal of achieving 500 GW of non-fossil energy by 2030 from the current capacity at 179.5 GW, there's an opportunity to incentivise the shift to sustainable energy."
"Financial incentives such as tax credits, grants, and subsidies should be enhanced to make renewable energy solutions more economically viable for consumers and businesses alike. This can significantly reduce the initial investment barriers and accelerate the uptake of solar, wind, and other clean energy technologies."
"Addressing India's dependence on solar panel imports, which reached $1.13 billion in the first half of the current financial year, is a pressing concern. Therefore, the budget should incorporate measures to promote indigenous development, facilitate technology transfer, and incentivize localized manufacturing initiatives to conserve foreign exchange. More proactive measures and fiscal incentives should be provided and efficiently implemented for making India a BESS manufacturing and R&D hub."
"Furthermore, we stress the importance of establishing a long term and stable regulatory framework that streamlines approval processes for large-scale projects, open access projects, implement efficient net metering policies, and ensure seamless integration of renewable sources into the existing grid infrastructure. Collaboration between public and private entities is paramount to building a sustainable energy ecosystem that benefits both the economy and the environment"
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